The importance of shopping locally is a message heard heavily around the holiday season. There’s even an official day for shopping locally, known as Shop Small Saturday or Small Business Saturday. Taking place the day after Black Friday, Small Business Saturday started as a campaign launched by American Express in November of 2010 to help small businesses gain exposure and to inspire consumers to shop within their own communities during the holiday season. Not only is shopping locally important to keeping dollars in our own communities, so is banking.
Community banks play an important role in keeping their local economies vibrant and growing. Having detailed knowledge of their customers and the community they serve allows them to quickly respond to lending requests. Community banks take deposits to build capital for others to live their lives. Such lending helps foster the economy by allowing local businesses to expand and add to their workforce and allows for individuals to purchase their dream home or make other dreams a reality.
From an economic development standpoint, community banks are community minded, wanting to help neighbors. Wayne Savings Community Bank’s start is a great example of this very principle. Founded in 1899, as The Wayne Building & Loan Company, Wayne Savings got its start as a thrift bank, specializing in originating home mortgages.
The Wayne Building & Loan Company had nine directors, all of whom were men. They networked through insurance agencies to help distribute loan applications, as there weren’t physical bank branches back then. The nine directors would then meet once a week to approve the loan applications.
Adele Guyvt, a dry goods store clerk, became their first official shareholder on April 21, 1899, and on that same day, her money went to finance a $1,000 home loan to Ada Keeney of Creston. A great example of neighbor helping neighbor.
An interesting fact with Wayne Saving’s history is five of their first eight borrowers were women, with the largest loan amount being $2,700. “I would love to sit down and talk with the original nine directors,” said Jay VanSickle, president and CEO of Wayne Savings Community Bank. “Our bank started with nine men willing to loan to women who were building houses. I would love to know more of the story.”
The neighbor helping neighbor sentiment is also demonstrated within a community bank’s workforce. Wayne Savings employs 50 full-time employees in Wooster alone. These same individuals are involved in the community serving in local organizations and on local boards. “When making big life decisions, it’s nice to have a human being to provide advice and expertise from a local standpoint,” stated VanSickle. “Ask yourself if your bank shares your same values.”
With today’s technology, it’s easy to assume larger banks can offer more options, as television commercials show high tech coffee shop style lobbies. But VanSickle begs to differ, “what function, technology wise, can big banks offer that a community bank can’t?”
“Even if banking locally does sound appealing, the perception is it’s sticky to change banks,” stated VanSickle. “Actually, it’s not hard to change. Even if it took an hour, which it doesn’t, if you knew your funds were being used locally, why not switch?”
As of early December, Wayne Savings Community Bank originated $170 million of loans in 2022. With approximately 700 loan applications, 60% were commercial and 40% residential. “Our strategy is to be in the community,” stated VanSickle. “Keeping money local, helping to grow local businesses and fund our neighbor’s dreams, it’s what’s best for the community.”
To learn more about Wayne Savings Community Bank, visit waynesavings.com. Other community banks headquartered in and around Wayne County include Apple Creek Banking Company, Farmers State Bank, The Commercial & Savings Bank and The Killbuck Savings Bank Company.
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